United Trust Bank has announced an important product update. Click here for the latest Master Broker/Packager/Distributors product guides. Or here for the updated product guides for Direct/Networks/Club. If you have any new applications you wish to discuss, please Contact us for more information.
ANNOUNCEMENTS
UTB Enhances Criteria: New Affordability, Retirement & ILA Updates Now Live
Following last week’s series of process improvement announcements, we’re pleased to confirm that we’re not stopping there. Today, we’re introducing three further enhancements across both our Residential Mortgage and Second Charge Loan product ranges — all designed to make us easier to do business with.
- Expanded Use of Benefits for Affordability
We will now accept a wider range of benefits as part of affordability assessments. The following are now eligible:
- Universal Credit (excluding JSA and Housing Benefit)
- Child Benefit
- Pension Credit
- Personal Independence Payment (PIP)
- Employment Support Allowance
- Disability Living Allowance
- Attendance Allowance
- Carer’s Allowance
- Maternity Allowance
- Child Tax Credit
- Working Family Tax Credit
Evidence requirements:
For all benefits listed (except Child Benefit):
- Latest Entitlement Letter and
- Latest filtered bank statement showing the credit
For Child Benefit:
- Latest filtered bank statement showing the credit
Latest filtered bank statement showing the credit
2. More Flexible Lending Into Retirement Policy
We’ve revised our lending into retirement approach to provide greater flexibility and clarity.
Where the mortgage term extends beyond planned retirement age or age 70:
More than 10 years until retirement:
- Evidence of pension contributions totalling at least 3% of basic salary
More than 10 years until retirement:
- Latest annual pension statement(s) required
3. Updated Independent Legal Advice (ILA) Requirements
To streamline the process:
- ILA is now only required where the applicant is aged 75+ at the start of the mortgage term.
- Where an applicant is aged between 70–74, the broker must confirm if the client has chosen not to proceed with ILA
These enhancements form part of our wider programme to make UTB simpler, faster, and easier to work with
Full details of our criteria changes can be found at: https://www.utbank.co.uk/intermediaries/mortgages/